Why consumer packaged goods companies love big data

If I could sum up “success” in the consumer packaged goods (CPG) industry in one word, that word would be SPEED —the speed at which the best companies take advantage of the latest consumer trends and defend their market share against the competition.

Quickly changing consumer tastes are just one example. Coffee is good for you, then it’s not, then it is again. Consumers want zero trans-fat foods, no-fat cookies and no-sugar sweets, and then decide to forget it and go back to the “good stuff.” On top of that, companies operate in a fierce marketplace with the need to monitor and respond to competitive promotions and pricing changes, and constantly deliver new product innovations and product line extensions. Few industries exist in such a dynamic environment.

To succeed in any business you must have a good product. But in the CPG industry, it is absolutely vital to keep a close eye on consumers, the competition and your own business to stay on top of results today and ensure you are positioned to win the battle for the consumer’s business tomorrow, next week and next month.